I am in a contract to purchase my first home had inspection done and inspector said I will need a new roof soon and probably a news ac unit. Among other things such as windows and water heater. I am not sure what to do . I have been looking for over a year and in my price range I haven't found anything else in nice neighborhood. I don't have alot saved up after I pay closing costs, how much should I ask them to come down on asking price? Original price was $129,900.00 they came down to $122,500.00 allready.
2007-05-31 09:35:51 · 8 answers · asked by pooh bear 4 in Business & Finance ➔ Renting & Real Estate
There are a few issues to consider. First, how well priced was the home compared to the comps. Second, how badly do you want this home. Third, how long has the home been on the market and are you in an area where it is a buyers market. A roof, windows, a.c., etc. will set you back a pretty penny. I would say those fixes should warrant at least a 10,000. deduction in price. Keep in mind though that if you are not in an area where inventory is high and this is a unique piece of property your seller may not be willing to negotiate further. Your agent should have a bit of a read on whether or not the seller is willing to negotiate having dealt with the seller's agent during the purchase agreement process. Always seek the advice of your agent as they are the experts in the area. I am an agent in Ca. and familiar with my area, but every area is different.
Good luck!
2007-05-31 10:03:31 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Your problem is you had an inspection done and your not saying there was technically anything wrong. The inspector is telling you eventually you will have to replace these things, but as of right now things are working and I assume the roof is not leaking. You may have trouble negotiating a change of price. Talk to your Realtor and see if you can get some kind of a credit, but don't hold your breath.
2007-05-31 09:43:06 · answer #2 · answered by Kathleen M 4 · 0⤊ 0⤋
You can ask them to come down on price or to make some repairs, but that doesn't mean they will. And they don't have to.
From what you are saying, it sounds like these items are ok now, but will need to be replaced down the road somewhere. Every home will have this sort of issue, unless it is new. These aren't items that wouldn't cause the loan not to fund, so if you try to back out now without a contingency that says you must be satisfied with the home inspection, you will most likely lose your escrow deposit.
You have to decide whether these are items you can live with and try to negotiate with the seller.
2007-05-31 12:45:09 · answer #3 · answered by godged 7 · 0⤊ 0⤋
You may not be able to get them to come down further. Depending on the language used in your offer to purchase contract, you may well be bound to this offer as it stands.
Most state real estate contract forms define an 'inspection revealed defect' as one which is structural, in deficiency, or unsafe' to the potential buyer. Hence, your roof is not a defect, UNLESS it is currently leaking. Your AC unit is not a defect UNLESS it is not currently working. Same applies to the water heater and windows. Items which are still performing their intended uses, but are nearing the end of life cycle are not considered defects.
Check with your real estate agent as to your rights in this regard.
2007-05-31 09:43:54 · answer #4 · answered by acermill 7 · 0⤊ 0⤋
For that price you are lucky to get a house that is actually standing at all. They have already lowered the price once so you can't ask for much more than that. You made the offer, remember?
As for the roof, just wait til a bad storm comes through after you move in and your insurance will pay for it.
2007-05-31 09:50:13 · answer #5 · answered by Anonymous · 0⤊ 0⤋
If you don't have the money saved up to fix the house then it will not do you any good no matter how much they come down. You need to get a contractor and get an estimate of how much it will cost to fix the things that are wrong with the house. Then get them to come down as much as the cost of fixing. If you can get the house appraised for more than the selling price, you should get the loan and fix the house.
2007-05-31 09:42:42 · answer #6 · answered by Anonymous · 0⤊ 0⤋
As long as the house is not listed "as is", a reasonable amount to ask for would be $8-10K discount. But make sure that your attorney adds the clause that this is not a new contract just a suggestion (they will know the right words). But be prepared that the seller may just say no and then you will have to decide how much you want that house.
Good luck.
2007-05-31 09:48:51 · answer #7 · answered by gettingfeetwet 1 · 0⤊ 0⤋
Keep looking-- this house sounds like it needs a lot of work. Figure windows are a couple hundred bucks apiece, a new A/C, if central air, is about $5000-8000, roof, depending on size, about $3000-5000....
2007-05-31 09:40:57 · answer #8 · answered by Bogart 3 · 0⤊ 0⤋